Tuesday, Mar 21, 2017
DUBAI
Sharjah’s property market is seeing the big investment plays coming through. A three-way alliance involving the Sharjah Government entity Shurooq, Dubai’s Emaar Properties and Eagle Hills is to oversee three projects with a combined value of Dh2.47 billion.
The largest of these will be a Dh2.26 billion “Maryam Island”, a mixed-use development located between Al Khan Lagoon and Al Mamzar peninsula.
The other projects from Omran Properties — the name of the new venture — are the Al Khan Village Resort, a five-star hotel costing Dh120.6 million, and Kalba Waterfront Mall in the Eastern region of the emirate and a development cost of Dh106 million. The land area is around 364,000 square meters and with a leasable retail area of 18,581 square meters.
“With the vital collaboration between government and the private sector, the emirate becomes an even more attractive proposition for domestic and foreign investors,” Shaikha Bodour Bint Sultan Al Qasimi, Chairperson of Shurooq and Chairperson at Omran Properties, said in a statement. “These projects are a barometer of the confidence in Sharjah and an indication of its long-term success.
“The huge projects unveiled by Omran Properties are the first in a series in different sectors that will play a crucial role in changing the investment and real estate sphere in Sharjah.”
The Kalba Waterfront Mall will be located at the centre of the development area in the Kalba ecotourism project, overlooking a lagoon lined by mangroves. The mall is to provide a leasable retail area of 11,204 square meters and is due to open in the third quarter of 2019.
Mohammad Alabbar, Chairman of Emaar and of Eagle Hills, stated: “As Sharjah’s property sector grows, we see a progressive trend towards mid- and high-end real estate, creating a more niche market that meets the requirements of discerning investors. Economically and geographically, Sharjah serves a highly appealing investment destination.”
Emaar will act as “development manager” for the projects.
The Al Khan Village Resort is part of a re-construction of the Al Khan fishing village. The hospitality destination, with a total area of 66,302 square meters, is expected to open in the third quarter of 2019.
According to Marwan Bin Jassem Al Sarkal, CEO of Shurooq, “Sharjah’s economy is full of unique opportunities and real estate has proven to be one of the biggest and most promising sectors in Sharjah’s economic growth.”
Staff Report
Gulf News 2017. All rights reserved.
